Professional Documents
Culture Documents
Age of
Ship
Event
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
$153,97,967.27
12.71%
7.43%
Adjustment
Adjusted
Calender
Iron Ore
Avg. Daily
%
Expected Daily Cost of
Factor for Hire Daily Hire
% Growth
Total Days
Year
Shipments
Charter Rate
Growth
Rate
Rate
Hire Rate
Ship
2000
440
7.30%
$15,344.00
21.50%
-$39,00,000.00
2001
436
-0.91%
$14,745.58
-3.90%
-$39,00,000.00
2002
445
2.06%
$15,069.99
2.20%
1.15
$17,330.48
-$312,00,000.00
2003
454
2.02%
$15,401.53
2.20%
1.15
$17,711.76
$20,000.00
$0.00
2004
463
1.98%
$15,740.36
2.20%
1.15
$18,101.41
$20,200.00
$0.00
2005
472
1.94%
$15,929.24
1.20%
1.15
$18,318.63
$20,400.00
$0.00
2006
479
1.48%
$16,120.40
1.20%
1.05
$16,926.42
$16,926.42
$0.00
2007
486
1.46%
$16,313.84
1.20%
1.05
$17,129.53
$17,129.53
$0.00
2008
493
1.44%
$16,509.61
1.20%
1.05
$17,335.09
$17,335.09
$0.00
2009
501
1.62%
$16,707.72
1.20%
1.05
$17,543.11
$17,543.11
$0.00
2010
508
1.40%
$16,908.21
1.20%
1.05
$17,753.62
$17,753.62
$0.00
2011
516
1.57%
$17,111.11
1.20%
1.00
$17,111.11
$17,111.11
$0.00
2012
524
1.55%
$17,316.45
1.20%
1.00
$17,316.45
$17,316.45
$0.00
2013
532
1.53%
$17,524.24
1.20%
1.00
$17,524.24
$17,524.24
$0.00
2014
540
1.50%
$17,734.53
1.20%
1.00
$17,734.53
$17,734.53
$0.00
2015
548
1.48%
$17,947.35
1.20%
1.00
$17,947.35
$17,947.35
$0.00
2016
556
1.46%
$18,162.72
1.20%
0.80
$14,530.17
$14,530.17
$0.00
2017
564
1.44%
$18,380.67
1.20%
0.80
$14,704.54
$14,704.54
$0.00
Revenues
Operating Total Op
Costs
Costs
Survey
Cost
Total Cost
Depreciation
EBIT
Tax
PAT
Operating CF
Investment
Required WC WC
$71,40,000.00
$72,31,600.00
$72,82,800.00
$60,42,730.22
$61,15,242.98
$61,36,620.63
$61,92,716.97
$62,67,029.58
$60,40,222.79
$61,30,021.91
$61,15,960.96
$61,89,352.49
$62,63,624.72
$50,85,560.75
$51,31,882.94
$4,000.00
$4,160.00
$4,326.40
$4,499.46
$4,679.43
$4,866.61
$5,061.28
$5,263.73
$5,474.28
$5,693.25
$5,920.98
$6,157.82
$6,404.13
$6,660.29
$6,926.71
$0.00
$0.00
$0.00
$0.00
$0.00
$60,000.00
$60,000.00
$60,000.00
$60,000.00
$60,000.00
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$14,60,000.00
$15,22,560.00
$15,79,136.00
$16,42,301.44
$17,07,993.50
$18,41,179.85
$19,07,365.77
$19,81,260.40
$20,58,110.81
$21,43,728.49
$22,31,156.66
$23,17,602.92
$24,07,507.04
$25,07,667.61
$25,98,247.61
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$41,20,000.00
$41,49,040.00
$41,43,664.00
$28,40,428.78
$28,47,249.48
$27,35,440.78
$27,25,351.21
$27,25,769.18
$24,22,111.98
$24,26,293.42
$23,24,804.30
$23,11,749.57
$22,96,117.68
$10,17,893.13
$9,73,635.33
$3,26,304.00
$3,28,603.97
$3,28,178.19
$2,24,961.96
$2,25,502.16
$2,16,646.91
$2,15,847.82
$2,15,880.92
$1,91,831.27
$1,92,162.44
$1,84,124.50
$1,83,090.57
$1,81,852.52
$80,617.14
$77,111.92
$37,93,696.00
$38,20,436.03
$38,15,485.81
$26,15,466.82
$26,21,747.32
$25,18,793.87
$25,09,503.39
$25,09,888.26
$22,30,280.71
$22,34,130.98
$21,40,679.80
$21,28,659.00
$21,14,265.16
$9,37,276.00
$8,96,523.41
$79,13,696.00
$79,69,476.03
$79,59,149.81
$54,55,895.59
$54,68,996.80
$52,54,234.66
$52,34,854.60
$52,35,657.44
$46,52,392.69
$46,60,424.40
$44,65,484.10
$44,40,408.57
$44,10,382.84
$19,55,169.13
$18,70,158.73
-$5,00,000.00 -$5,00,000.00
-$5,20,000.00
-$20,000.00
-$5,40,800.00
-$20,800.00
-$5,62,432.00
-$21,632.00
-$5,84,929.28
-$22,497.28
-$6,08,326.45
-$23,397.17
-$6,32,659.51
-$24,333.06
-$6,57,965.89
-$25,306.38
-$6,84,284.53
-$26,318.64
-$7,11,655.91
-$27,371.38
-$7,40,122.14
-$28,466.24
-$7,69,727.03
-$29,604.89
-$8,00,516.11
-$30,789.08
-$8,32,536.75
-$32,020.64
-$8,65,838.22
-$33,301.47
$0.00 $8,65,838.22
$14,60,000.00
$15,22,560.00
$15,79,136.00
$16,42,301.44
$17,07,993.50
$17,81,179.85
$18,47,365.77
$19,21,260.40
$19,98,110.81
$20,83,728.49
$21,61,156.66
$22,47,602.92
$23,37,507.04
$24,37,667.61
$25,28,247.61
No. of
Days
365
366
365
365
365
366
365
365
365
366
365
365
365
366
365
357
358
357
357
357
354
353
353
353
354
349
349
349
350
349
Cost of
Ship
Survey
Cost
Inflation
Tax
WACC
Age of
Ship
Event
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Operating
Costs
$4,000.00
$4,160.00
$4,326.40
$4,499.46
$4,679.43
$4,866.61
$5,061.28
$5,263.73
$5,474.28
$5,693.25
$5,920.98
$6,157.82
$6,404.13
$6,660.29
$6,926.71
$7,203.77
$7,491.92
$7,791.60
$8,103.27
$8,427.40
$8,764.49
$9,115.07
$9,479.68
$9,858.86
$10,253.22
Calender
Year
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
Total Op
Costs
$14,60,000.00
$15,22,560.00
$15,79,136.00
$16,42,301.44
$17,07,993.50
$17,81,179.85
$18,47,365.77
$19,21,260.40
$19,98,110.81
$20,83,728.49
$21,61,156.66
$22,47,602.92
$23,37,507.04
$24,37,667.61
$25,28,247.61
$26,29,377.52
$27,34,552.62
$28,51,726.33
$29,57,692.11
$30,75,999.80
$31,99,039.79
$33,36,116.45
$34,60,081.44
$35,98,484.69
$37,42,424.08
Iron Ore
Shipments
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
Survey
Cost
$0.00
$0.00
$0.00
$0.00
$0.00
$60,000.00
$60,000.00
$60,000.00
$60,000.00
$60,000.00
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$70,000.00
$1,50,000.00
$1,50,000.00
$1,50,000.00
$1,50,000.00
$1,50,000.00
$1,70,000.00
$1,70,000.00
$1,70,000.00
$1,70,000.00
$1,70,000.00
% Growth
440
436
445
454
463
472
479
486
493
501
508
516
524
532
540
548
556
564
573
581
590
599
608
617
626
636
645
655
Total Cost
$14,60,000.00
$15,22,560.00
$15,79,136.00
$16,42,301.44
$17,07,993.50
$18,41,179.85
$19,07,365.77
$19,81,260.40
$20,58,110.81
$21,43,728.49
$22,31,156.66
$23,17,602.92
$24,07,507.04
$25,07,667.61
$25,98,247.61
$27,79,377.52
$28,84,552.62
$30,01,726.33
$31,07,692.11
$32,25,999.80
$33,69,039.79
$35,06,116.45
$36,30,081.44
$37,68,484.69
$39,12,424.08
7.30%
-0.91%
2.06%
2.02%
1.98%
1.94%
1.48%
1.46%
1.44%
1.62%
1.40%
1.57%
1.55%
1.53%
1.50%
1.48%
1.46%
1.44%
1.60%
1.40%
1.55%
1.53%
1.50%
1.48%
1.46%
1.60%
1.42%
1.55%
10%
2027
$12,50,000.00
80%
Book Value
Market Value
Profit (Loss)
Tax
Salvage Value
$0.00 NPV
$50,00,000.00 IRR
$50,00,000.00 MIRR
$3,96,000.00
$46,04,000.00
$78,54,588.74
8.24%
6.46%
Avg. Daily
Adjustment
Adjusted Daily Expected Daily
Cost of
No. of
% Growth
Total Days
Charter Rate
Factor for Hire Rate Hire Rate
Hire Rate
Ship
Days
$15,344.00
21.50%
-$39,00,000.00
$14,745.58
-3.90%
-$39,00,000.00
$15,069.99
2.20%
1.15
$17,330.48
-$312,00,000.00
$15,401.53
2.20%
1.15
$17,711.76
$20,000.00
$0.00
365
$15,740.36
2.20%
1.15
$18,101.41
$20,200.00
$0.00
366
$15,929.24
1.20%
1.15
$18,318.63
$20,400.00
$0.00
365
$16,120.40
1.20%
1.05
$16,926.42
$16,926.42
$0.00
365
$16,313.84
1.20%
1.05
$17,129.53
$17,129.53
$0.00
365
$16,509.61
1.20%
1.05
$17,335.09
$17,335.09
$0.00
366
$16,707.72
1.20%
1.05
$17,543.11
$17,543.11
$0.00
365
$16,908.21
1.20%
1.05
$17,753.62
$17,753.62
$0.00
365
$17,111.11
1.20%
1.00
$17,111.11
$17,111.11
$0.00
365
$17,316.45
1.20%
1.00
$17,316.45
$17,316.45
$0.00
366
$17,524.24
1.20%
1.00
$17,524.24
$17,524.24
$0.00
365
$17,734.53
1.20%
1.00
$17,734.53
$17,734.53
$0.00
365
$17,947.35
1.20%
1.00
$17,947.35
$17,947.35
$0.00
365
$18,162.72
1.20%
0.80
$14,530.17
$14,530.17
$0.00
366
$18,380.67
1.20%
0.80
$14,704.54
$14,704.54
$0.00
365
$18,601.24
1.20%
0.80
$14,880.99
$14,880.99
$0.00
365
$18,824.45
1.20%
0.80
$15,059.56
$15,059.56
$0.00
365
$19,050.35
1.20%
0.80
$15,240.28
$15,240.28
$0.00
366
$19,278.95
1.20%
0.75
$14,459.21
$14,459.21
$0.00
365
$19,510.30
1.20%
0.75
$14,632.72
$14,632.72
$0.00
365
$19,744.42
1.20%
0.75
$14,808.32
$14,808.32
$0.00
365
$19,981.35
1.20%
0.75
$14,986.02
$14,986.02
$0.00
366
$20,221.13
1.20%
0.75
$15,165.85
$15,165.85
$0.00
365
$20,463.78
1.20%
0.75
$15,347.84
$15,347.84
$0.00
365
$20,709.35
1.20%
0.65
$13,461.08
$13,461.08
$0.00
365
Depreciation
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
$15,60,000.00
EBIT
$41,20,000.00
$41,49,040.00
$41,43,664.00
$28,40,428.78
$28,47,249.48
$27,35,440.78
$27,25,351.21
$27,25,769.18
$24,22,111.98
$24,26,293.42
$23,24,804.30
$23,11,749.57
$22,96,117.68
$10,17,893.13
$9,73,635.33
$8,54,088.02
$8,11,234.50
$7,72,370.52
$3,78,573.06
$3,20,820.55
$2,39,062.41
$1,78,988.98
$1,02,799.42
$27,910.73
-$7,74,508.20
Tax
$3,26,304.00
$3,28,603.97
$3,28,178.19
$2,24,961.96
$2,25,502.16
$2,16,646.91
$2,15,847.82
$2,15,880.92
$1,91,831.27
$1,92,162.44
$1,84,124.50
$1,83,090.57
$1,81,852.52
$80,617.14
$77,111.92
$67,643.77
$64,249.77
$61,171.75
$29,982.99
$25,408.99
$18,933.74
$14,175.93
$8,141.71
$2,210.53
-$61,341.05
PAT
$37,93,696.00
$38,20,436.03
$38,15,485.81
$26,15,466.82
$26,21,747.32
$25,18,793.87
$25,09,503.39
$25,09,888.26
$22,30,280.71
$22,34,130.98
$21,40,679.80
$21,28,659.00
$21,14,265.16
$9,37,276.00
$8,96,523.41
$7,86,444.25
$7,46,984.73
$7,11,198.77
$3,48,590.07
$2,95,411.57
$2,20,128.66
$1,64,813.06
$94,657.70
$25,700.20
-$7,13,167.15
Operating CF
$53,53,696.00
$53,80,436.03
$53,75,485.81
$41,75,466.82
$41,81,747.32
$40,78,793.87
$40,69,503.39
$40,69,888.26
$37,90,280.71
$37,94,130.98
$37,00,679.80
$36,88,659.00
$36,74,265.16
$24,97,276.00
$24,56,523.41
$23,46,444.25
$23,06,984.73
$22,71,198.77
$19,08,590.07
$18,55,411.57
$17,80,128.66
$17,24,813.06
$16,54,657.70
$15,85,700.20
$8,46,832.85
Required WC
Investment
WC
Salvage
Value
-$5,00,000.00 -$5,00,000.00
-$5,20,000.00
-$20,000.00
$0.00
-$5,40,800.00
-$20,800.00
$0.00
-$5,62,432.00
-$21,632.00
$0.00
-$5,84,929.28
-$22,497.28
$0.00
-$6,08,326.45
-$23,397.17
$0.00
-$6,32,659.51
-$24,333.06
$0.00
-$6,57,965.89
-$25,306.38
$0.00
-$6,84,284.53
-$26,318.64
$0.00
-$7,11,655.91
-$27,371.38
$0.00
-$7,40,122.14
-$28,466.24
$0.00
-$7,69,727.03
-$29,604.89
$0.00
-$8,00,516.11
-$30,789.08
$0.00
-$8,32,536.75
-$32,020.64
$0.00
-$8,65,838.22
-$33,301.47
$0.00
-$9,00,471.75
-$34,633.53
$0.00
-$9,36,490.62
-$36,018.87
$0.00
-$9,73,950.25
-$37,459.62
$0.00
-$10,12,908.26
-$38,958.01
$0.00
-$10,53,424.59
-$40,516.33
$0.00
-$10,95,561.57
-$42,136.98
$0.00
-$11,39,384.03
-$43,822.46
$0.00
-$11,84,959.40
-$45,575.36
$0.00
-$12,32,357.77
-$47,398.38
$0.00
-$12,81,652.08
-$49,294.31
$0.00
$0.00 $12,81,652.08 $46,04,000.00
Revenues
357
358
357
357
357
354
353
353
353
354
349
349
349
350
349
349
349
350
349
349
349
350
349
349
349
$71,40,000.00
$72,31,600.00
$72,82,800.00
$60,42,730.22
$61,15,242.98
$61,36,620.63
$61,92,716.97
$62,67,029.58
$60,40,222.79
$61,30,021.91
$61,15,960.96
$61,89,352.49
$62,63,624.72
$50,85,560.75
$51,31,882.94
$51,93,465.54
$52,55,787.12
$53,34,096.84
$50,46,265.17
$51,06,820.35
$51,68,102.19
$52,45,105.44
$52,92,880.85
$53,56,395.42
$46,97,915.88
Net CF
-$39,00,000.00
-$39,00,000.00
-$317,00,000.00
$53,33,696.00
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$41,52,969.54
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$40,54,460.82
$40,44,197.01
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$37,62,909.33
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$36,71,074.92
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$36,42,244.52
$24,63,974.53
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